Best crypto sports betting dApps
03.01.2023
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Everyone is focused on the cryptocurrencies that make people rich overnight, but they have overlooked…
Bitcoin sports betting sites
The number of sports betting sites that accept bitcoin has been increasing over the last few years. In this article, you will find out the advantages and disadvantages of Bitcoin sports betting sites, which bookmaker is the best for Bitcoin bets, how to use bitcoin for sports betting and much more.
Best sports betting sites that accept bitcoin
What is Bitcoin?
Bitcoin is a digital currency. The technology behind the cryptocurrency Bitcoin is called blockchain, which is also used by Litecoin and NFT. All data is stored decentrally via nodes around the globe. This leads to enormous security. Although hackers could theoretically gain access to parts of the system, since all information is never kept in one place, they are practically unable to manipulate it. Transactions are usually almost free of charge, extremely fast (a transfer is usually confirmed after a very short waiting time), but can no longer be revoked.
Transactions are usually almost free of charge, extremely fast (a transfer is usually confirmed after a very short waiting time), but can no longer be revoked.
The idea behind Bitcoin is very old. However, the cryptocurrency has only been really “suitable for everyday use” and was largely established for a few years. Since then, more and more Bitcoin sports bets have been offered and used often because of their many advantages.
How to deposit on Bitcoin sports betting sites
Paying for online bets with the cryptocurrency Bitcoin works largely in the same way as conventional payment systems:
- First, you register as normal with the bookie of your choice;
- If you don’t have bitcoins yet, you have to convert real money into digital currency on a bitcoin exchange, for example here ;
- Select Bitcoin as the payment method in your deposit section, follow the instruction and complete the transaction;
- The balance should be replenished within a seconds.
Welcome bonus at best Bitcoin sports betting sites
Of course you can also activate a welcome bonus with digital money. Some Bitcoin bookmakers even offer special deals for cryptocurrency users. Thanks to the low transaction costs associated with Bitcoin sports betting, high percentage bonuses are sometimes offered if you top up your account with Bitcoin.
Advantages of Bitcoin sports betting sites
Bitcoin bookmakers have a number of advantages that make them so interesting for bettors:
- Anonymity – One of the biggest advantages of deposits with Bitcoin is that the account holder often remains completely anonymous. Because various bookmakers with Bitcoin do not require to disclose of an identity. All you have to do is provide an email address that customers can use to contact customer service. But even that is not mandatory for many bookies. In addition, it is quite easy to create an email address just for this purpose.
- Account can not be blocked – The absolute anonymity that exists in many places means that Bitcoin bookmakers can hardly block your account. This is of course interesting for dubious players, but honest betting fans also benefit.
- Fast payouts – Because after placing the bet and announcing the result of the bet, the winnings go to the player immediately. Even with a large payout , there are usually no delays. This means, you don’t have to worry about exceeding the limit, which can result in an account being blocked, nor about unfair action on the part of the bookie, who might withhold your high winnings until he has made enough revenue again.
Disadvantages of Bitcoin sports betting sites
Although Bitcoin sports betting scores with many advantages, there are of course counterarguments which bettor should to consider:
- Payment method not yet established everywhere – Compared to fiat payment methods, bitcoin still leads a rather shadowy existence and many betting fans do not have sufficient experience with it. However, a few years ago, new bitcoin betting sites were brand new on the market and players had to gain their experience first;
- Lack of legal regulation of bitcoin bookies – There is also a risk that some crypto betting sites may turn out to be scammers or do not get enough profit and therefore go bankrupt. As advantageous as anonymity is, unfortunately, it also ensures that there are hardly any standards and legal regulations among Bitcoin betting sports betting sites. However, since bitcoins are transferred so quickly, bettors are not dependent on depositing larger amounts. So if you don’t fully trust your betting company right away, you can transfer small amounts several times – always just as much as is needed to make the bet. There are hardly any bookmakers with faster payouts than Bitcoin bookmakers;
- Fluctuating prices – The fluctuating rate values have an impact on the betting limits. Usually, the maximum is 1 to 5 BTC. Depending on the rate, this corresponds to several thousand euros. Although the Bitcoin price can be stable for a long time, it is sometimes also subject to violent fluctuations. This is both – an opportunity and a risk for the player.
Interesting facts about Bitcoin for Sports Betting Today
The market for bitcoin in sports betting is very large and the number of sports betting sites accepting bitcoin as a regular currency is growing. Experts suspect that 50%-60 % of all Bitcoin transactions are related to online betting or online gambling.
Among other things, this is because Bitcoin represents a good loophole for the gambling market in the USA. Because currently gambling in the USA is only permitted in the states of Delaware, New Jersey and Nevada. In all other states, gambling is considered illegal, including Bitcoin bookmakers. However, due to the anonymity, Bitcoin betting betting sites for American citizens are now springing up like mushrooms. The US government cannot control Bitcoin transactions. Financial institutions have frozen countless online casino and sports betting accounts in the past, citing the Wire Act 1961. Since bitcoin is anonymous, there is no danger.
Bitcoin has made the revolutions in the online sports betting market in the US. Because now Americans can bet and gamble freely. Since the transaction is executed in Bitcoin immediately and cannot be reversed, online bookmakers also benefit. Because in the past there have been increasing problems with fraudulent chargebacks.
3 important tips for dealing with Bitcoin in sports betting
At this point, we would like to summarize some important recommendations for dealing with Bitcoin. You should pay attention to the following points if you want to place Bitcoin sports bets.
Anonymity: If you only pay with Bitcoin, you can remain completely anonymous with some bookies. All you have to do is provide an email address. Of course, this has certain advantages, but on the other hand, with this anonymity, you also refuse certain minimum standards and regulations. Therefore you should carefully choose a Bitcoin bookmaker and pay attention to some things like licence, age of the bookmaker and reviews of real players. On our website, you will find only time-tested bookmakers by our team.
Check the address of the wallet several times: Once payment has been initiated, it can no longer be stopped or even reversed. Before making a transaction, you should therefore make sure that the address of your Bitcoin wallet is correct.
No more anonymity when converting bitcoin to real money: The anonymity of cryptocurrency is one of its greatest advantages. However, as soon as you decide to convert profits into real money on a corresponding trading platform, you must provide proof of identity.
Bitcoin storage and access data: You save your crypto money either on a decentralised wallet or a suitable device for example a cold wallet. Only you have the specific access data for your wallet. This means a lot of security, but also that your bitcoins would be lost if you forget your log data. This is also the case if, for example, you lose the cold wallet on which your bitcoins are stored.
Conclusion
Bitcoin is still a sports betting fringe phenomenon. The cryptocurrency Bitcoin has been a payment method for sports betting providers for a relatively long time, but many players still have no experience with it or have concerns. The general designation as “dubious”, “criminal” or “dangerous” does not do justice to the currency or most of the betting providers who have it in their portfolio. However, as with any other bookie, you have to be very careful about who you trust your money. In addition, there can be disadvantages if the digital currency is handled incorrectly. However , both aspects should no longer be an issue for you if you take our tips into account , so that you can fully enjoy the many advantages that Bitcoin sports betting brings with it and with as little risk as possible.
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